Our general loans, which are disbursed through the SBA’s 7(a) and 504 programs, feature competitive rates and terms, including:
Most for-profit, owner-occupied properties qualify for 7(a) loans, which may range from $100,000 to $5 million. Eligible properties include offices, manufacturers, childcare facilities, shops, start-ups and franchises.
The type of financing determines your terms. Generally, we offer between 80 and 100 percent financing with terms between 7 and 25 years. Rates are market-based.
504 loans can provide long-term financing worth 80 to 90 percent of your total project value. We fund projects worth up to $12 million. Our lender community provides mortgages of up to $5 million, and a Community Development Company supplies up to $7 million through a second mortgage.
First and second mortgage terms vary from 15 to 25 years, based on the financing. First mortgage rates are fixed or variable, and fees are market-based. Second mortgages have fixed rates and various fees, including closing, bridge and legal review costs.
Ready to take the next step? Contact us today.